Loading...
Loading...
SBI Life Smart Swadhan Neo (UIN 111N148V01) is an individual, non-linked, non-participating life insurance savings plan with return of premium, designed for smaller covers. If you die during the policy term, your nominee receives the sum assured on death as a lump sum. If you survive the term, SBI Life returns 100% of the total premiums paid as a lump sum, provided the policy is in force. The basic sum assured ranges from ₹5 lakh to ₹24.9 lakh and the policy term from 15 to 30 years. You can pay a single premium, pay for a limited 7, 10 or 15 years, or pay regularly. Entry age is 18 to 60 years (18 to 50 years through POSP and CPSC-SPV channels). Optional riders include the Accident Benefit Rider and the Waiver of Premium Rider.
Return of premium plan for smaller covers of ₹5 lakh to ₹24.9 lakh, with 15 to 30 year terms and a choice of premium payment options.
Smart Swadhan Neo is a starter plan. It lets first-time buyers take a small cover from ₹5 lakh and get their premiums back at the end, with the flexibility of a single premium or limited pay of 7, 10 or 15 years. The limit is the cover. The maximum sum assured is ₹24.9 lakh, which is low for a family with a home loan, children or dependent parents. Because the premiums are returned, you also pay more than for a pure term plan, and the refund carries no interest, so its real value falls over a 15 to 30 year term. Choose Neo if you need only a modest cover and want your money back. If you need ₹25 lakh or more, compare it with SBI Life Smart Swadhan Supreme, and for the lowest cost per rupee of cover look at a pure term plan such as Smart Shield Plus.
SBI Life
Key Insights
Founded
2001
SBI Life was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.3% CSR, calculated as a 3-year average
SBI Life settles 98.3% of all claims it receives, demonstrating strong credibility.
Contact Details
1800 267 9090
Headquarters: Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai – 400 069, Maharashtra, India
If you survive to the end of the policy term, SBI Life pays 100% of the total premiums paid as a lump sum, provided the policy is in force.
No interest is added to the refund.
If you die during the policy term, your nominee receives the sum assured on death as a lump sum, provided the policy is in force.
An accidental death can pay more if you add the Accident Benefit Rider.
The basic sum assured ranges from ₹5 lakh to ₹24.9 lakh, in multiples of ₹10,000 (₹50,000 for policies sold through POSP and CPSC-SPV channels).
The ₹24.9 lakh cap is low for most family protection needs.
Entry age is 18 to 60 years and the maximum age at maturity is 75 years. For POSP and CPSC-SPV channels, entry age is 18 to 50 years and maximum maturity age is 65 years.
Ages are age last birthday on the date of proposal.
Single premium, limited pay for 7 or 10 years, and regular premium: policy term of 15 to 30 years. Limited pay for 15 years: policy term of 20 to 30 years.
A single premium means paying the whole cost upfront.
An optional rider with two benefit options: Accidental Death Benefit (up to 3 times the base sum assured) and Accidental Partial Permanent Disability Benefit. You can choose one or both.
Rider premium is extra and the benefit options cannot be changed later.
An optional rider that can waive future premiums under the terms of the rider, helping the policy continue in specified situations.
No medical waiting period applies. If death is by suicide within 12 months of the policy start or revival, only a limited amount is payable (at least 80% of the premiums paid at the start of the policy), as per the policy terms and IRDAI rules.
Conditions or treatments that the policy clearly says it will not cover.
The base plan pays a death benefit, and the premiums paid are returned on survival. Accident-related cover is available through the optional SBI Life Accident Benefit Rider, which offers accidental death and accidental partial permanent disability options at extra premium.
Insurer
SBI Life plans and claim process
It is an individual, non-linked, non-participating life insurance savings plan from SBI Life with return of premium, designed for smaller covers. It pays a death benefit during the policy term and returns 100% of the total premiums paid if you survive.
The nominee receives the sum assured on death as a lump sum, provided the policy is in force. If you added the Accident Benefit Rider, an accidental death also pays the rider sum assured.
You receive 100% of the total premiums paid as a lump sum, provided the policy is in force. No interest is added, and taxes and any extra premiums are not refunded.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official SBI Life website before purchasing.
Official Website
sbilife.co.in
Visit the official SBI Life website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Check the rider brochure for the exact conditions and exclusions.
The basic sum assured ranges from ₹5 lakh to ₹24.9 lakh, in multiples of ₹10,000 (₹50,000 for policies sold through POSP and CPSC-SPV channels).
Entry age is 18 to 60 years, or 18 to 50 years through POSP and CPSC-SPV channels. The maximum age at maturity is 75 years, or 65 years for those channels.
Single premium, limited pay of 7 or 10 years, and regular premium have a policy term of 15 to 30 years. Limited pay of 15 years has a policy term of 20 to 30 years.
Usually not. Cover is capped at ₹24.9 lakh, so it works as a starter plan. For ₹25 lakh or more, consider Smart Swadhan Supreme or a pure term plan.
It depends on your goal. A pure term plan gives the same cover for a much lower premium but pays nothing on survival. Neo costs more because your premiums are returned at the end, without interest.
Yes. You have a free look period of 30 days from receiving the policy document. You get a refund of the premium paid, minus a proportionate risk premium for the period of cover and any medical examination and stamp duty costs.
There is a grace period of 30 days for yearly and half-yearly premiums and 15 days for monthly premiums. If the first full year's premium is unpaid, the policy lapses with no benefit. After that, it can continue as a reduced paid-up policy.
Yes, within 5 consecutive complete years from the first unpaid premium and before maturity, by paying overdue premiums with interest and showing proof of continued insurability.
Single premium policies can be surrendered at any time. For regular and limited pay policies, a special surrender value applies after the first full year's premium is paid. A policy loan of up to 50% of the surrender value is available during the policy term.
You can add the SBI Life Accident Benefit Rider (UIN 111B041V01), with Accidental Death Benefit and Accidental Partial Permanent Disability Benefit options, and the SBI Life Waiver of Premium Rider (UIN 111B048V01). Rider premium is extra.
Tax benefits are available as per the prevailing income tax laws and can change over time, so check with your tax advisor. Since 22 September 2025, individual life insurance premiums are also exempt from GST.
Call the toll-free number 1800 267 9090 (24x7) or email info@sbilife.co.in. Death claims are made by the nominee, who must submit the claim form and documents listed in the policy document.